Oil Price Inches Up by 3% to $45 Per Barrel

As the Organization of Petroleum Exporting Countries, OPEC, continues to rally to seal an oil output freeze deal, the price of Brent Crude climbed by about 3 percent to $45 per barrel on Tuesday, April 26.

Brent crude averaged $34 a barrel in the quarter, compared with $44 in the last three months of 2015 and $54 in the first quarter in 2015.

The oil price crash has left the global oil volatile as supply glut remains a major concern and the meeting with OPEC members and non-members to curb production fell through last weeks.

Nonetheless, the cartel is planning a move to address the supply glut in order to bring prices back up.

 

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